Despite the shortage of European wines, prices globally are expected to remain practically the same, with the exception of top level Bordeaux and Burgundy.

“The market for wine is global, so there is pressure on the Old World producers, even in tough years, to keep their prices roughly in line with the global market,” David Jaeger, a member of the American Association of Wine Economists, told Reuters.

Meanwhile Rob Sands, chief executive of Constellation Brands, owners of Robert Mondavi Winery, Kim Crawford, Inniskillin and Ravenswood, said he is seeing “little or no movement” on lower-priced wines.